Och-Ziff Setting Aside $200 Million For A Rainy, Bribe-y Day

Hopefully that'll cover it.

Here’s what Och-Ziff knows about the Justice Department’s annoying African bribery probe: First, that it hasn’t done anything wrong, and second, that it’s really rude to insist on a guilty plea. And, finally, that no matter what happens, it’s going to have to write a big check. Now, Och-Ziff doesn’t know just how big or what date to put on it, so it’s just going to start squirreling away nine figures each quarter.

Och-Ziff Capital Management Group LLC, the hedge fund firm run by Daniel Och, reported an unexpected first-quarter loss as it set aside $200 million for a legal settlement that it’s now discussing with U.S. authorities….

“We are moving forward towards a resolution on this matter,” Frank said on a conference call Tuesday. “We believe it is probable that the final amount of the monetary settlement will be greater than the reserve, but at this point in time we are unable to reasonably estimate what that amount would be….”

Securities regulators are seeking civil sanctions of as much as $400 million from Och-Ziff, the Wall Street Journal reported last month, citing people familiar with the matter.

Och-Ziff Sets Aside $200 Million for Settlement Amid Talks [Bloomberg]